# Exchange Rate Regime Analysis

Dependent variable: gross_assets_gdp

Fixed FX proxy = Eurozone membership (time-varying)

| Model                      |    N |   Countries | Z_1                       | Z_2                      | Z_3                 |      R² |
|:---------------------------|-----:|------------:|:--------------------------|:-------------------------|:--------------------|--------:|
| Subsample: Eurozone        |  411 |          19 | 27509.6823** (11218.0089) | -3070.3766** (1471.9370) | 101.1653* (55.9701) | -0.0361 |
| Subsample: Non-Eurozone    | 5333 |         189 | -418.9846* (220.0732)     | 80.0840** (32.8291)      | -3.5387*** (1.3535) |  0.0197 |
| FX regime: Fixed FX (EZ)   |  411 |          19 | 27509.6823** (11218.0089) | -3070.3766** (1471.9370) | 101.1653* (55.9701) | -0.0361 |
| FX regime: Flexible FX     | 5333 |         189 | -418.9846* (220.0732)     | 80.0840** (32.8291)      | -3.5387*** (1.3535) |  0.0197 |
| Z_1 × fixed_fx interaction | 5744 |         190 | 325.7170 (493.0343)       | -21.2026 (73.2774)       | 0.5025 (3.0111)     |  0.0629 |